What Buyers Need to Know About Roofstock Select and BYOP

In this episode, Matt Thomas, Roofstock's retail broker manager covers the details of the Roofstock Select and BYOP programs.  --- Transcript   Michael: Hey everybody, welcome to another episode of The Remote Real Estate Investor. I'm Michael Albaum and today I'm joined by Matt Thomas, who's Roofstock’s retail broker manager. And so today Matt is going to be talking to us about Rootstock’s BYOP, and Roofstock Select programs. So these programs are kind of ever evolving and ever changing. So by the time you listen to this episode, there might be some minor changes to the program. So just keep that in mind as you are looking online and check out roofstock.com for the most up to date information about those programs. So let's get into it.   Matt, thank you so much for taking the time out of your busy schedule for joining us today. I really appreciate it.   Matt: Yeah, happy to be here. Thanks for having me.   Michael: Awesome. Our pleasure. And you're down in Atlanta, right?   Matt: I am just outside of Atlanta, kind of in between Atlanta and Athens, where the University of Georgia is, it's about an hour gap in between the two and I sit sort of in between,   Michael: Okay, good deal. And is it starting to get cold out there at this time of year,   Matt: Um, colder for us, it’s all relative?   Michael: It's all relative?   Matt: It's, yeah, we're in our 50s range, which is starting to get cooler. But I talked to the guys on the west coast and hear them. They're covered with blankets at 65. Yeah, cooler for us.   Michael: Okay, good deal. Well, what I wanted to chat with you about today is the Roofstock BYOP, bring your own property and the Rootstock Select programs, because I think that there's a lot of folks that would love to take advantage of both or one of those programs that maybe either don't know about it or don't know how to utilize it. So maybe we can start with the BYOP and then segue into the Select program.   Matt: Okay, sounds great.   Michael: So so that the Y o p, it's bring your own property program, can you talk to us at a high level? What is the program? How does it work? Why was it developed in the first place? And then we can kind of just talk through it a little bit more as we go.   Matt: Yeah. So at a really high level, I think the goal of both of these programs was to bring more inventory to the marketplace for our buyers, in addition to the exclusive properties, which are just what they sound like, it's not sellers that bring their inventory to us to list directly. So both BYOP and select give us the opportunity to bring other properties to buyers, that may not be exclusive properties of Rootstock. So the BYOP rootstock has the infrastructure in place from a technology standpoint to underwrite any property in the United States. So we're making that technology available to our buyers, and that they can bring any address to us. And we will underwrite it for you and give an opinion on your investment. We can underwrite financials, we can give you neighborhood score, school scores, all of these things we can provide on any property that you bring to us.   Michael: And all that's needed is an address, right? That's it. If you've got an account on roof stock, there's a site or a page where you could submit a property address and almost all scenarios it's going to be there, there are a few that might be missing something's brand new construction condo community that has the same address and 30 different unit numbers can sometimes be confusing for the system. But in almost all scenarios, a single family residential property, we will be able to pull up underwrite.   Michael: Fantastic. And so for everybody who's listening, the place to find where to do that is if you go to the Learn tab, which is up in the upper right hand corner, near where it says Welcome back, and then your name, once you have an account, click on that learn drop down. And I think the 2,4,6, seventh drop down is the bring your own property page and you'll see a page highlighting some of the benefits there as well as a radio button to submit your own property and that right now it's only in a handful of markets, right? It's it's in Athens, Atlanta, Birmingham, Columbus, Greenville, Houston, Indianapolis, Jackson, Jacksonville, Memphis, Orlando, San Antonio, and Tampa. Do you know is that planning to expand anytime in the near future?   Matt: Yeah, we are anticipating a really aggressive growth model, which I'm leading with few others within the company to expand into new markets with new agents to bring your own property program. If you submit a listing to us, we can technically underwrite it anywhere. It's just the guarantees that Roofstock offers will only be available in the markets where we have the infrastructure that property managers and attorneys and such already vetted. So yeah, if you bring anything anywhere, we should be able to give you a response with some sort of analysis on it just depends on whether or not we will be able to guarantee or certify it based on whether or not we're in that market already.   Michael: Okay, and what are the guarantees rather?   Matt: Yeah, so the roof guarantees, you'll see these advertised on the website as well. And I think there's a specific page dedicated to a very detailed analysis of it, but there's a lease up guarantee for any vacant property. So if you are looking at acquiring a property that does not have a tenant in place, we're stuck places I guarantee that it will lease up within a certain amount of time or they will start contributing towards the rental income that you would have received otherwise, at at least there's also a Buy back guarantee. So if you are unhappy with your investment within a period of 30 days, after closing, we're stuck. We'll buy it back from you and I have seen that actually happen a time or two so I can vouch for the validity of that guarantee.   Michael: And that's a guarantee, I remember when I first started working through stocks that I was blown away by because that doesn't exist in the world that I'm aware of.   Matt: Yeah, I've never seen it in 20 years of doing real estate. And I had some questions, frankly, when I joined about, you know, was that going to be laced with a lot of fine print and right, haven't seen it exercise often, just because buyers are typically happy with what they buy through our site. But when they have not been, for whatever reason, I have seen us buy properties back.   Michael: That's so great. And what a nice kind of assurance that Roofstock is putting their money where their mouth is, so to speak, that, hey, this is a property we're going to stand behind. And if you don't like it, we'll buy it back from you.   Matt: That's right. Yeah, we're really confident in what we put up on the side and back that with these guarantees.   Michael: Fantastic, and how cool that's able to be applied to stuff that isn't getting put on the site, right? This is just individuals finding properties on their own submitting them to the site now Roofstock, doing the underwriting in the background checking, and still being confident enough to participate in that guarantee   Matt: That’s right. Yeah. So again, going back to what our very first that this is just a way to get our investors access to as many properties as possible that are good investments. The exclusive inventory we have on the site is great, but it's limited in the number that I've signed up and published with us. So we're opening up new IP and the Select program, which we'll talk about later, which brings in some of the listed property underwritten through our technology, which kind of brings the best ones to the surface, and we publish those as well.   Michael: Okay, awesome. And so with BYOP, just kind of the mechanics inner workings of it. So if I wanted to buy a property, does it need to be listed on the MLS? Can it be my mom's property that she wants to sell to me? What properties are eligible? Kind of, you know, outside of the ones that are listed in those markets? How do I find a property? How do I submit a property?   Matt: Yeah, so it's, it's interesting, if these are conversations we're having, as the program evolves, we're having literally had one earlier got one tomorrow, but the BYOP program, it works best if the property is listed, because it's as simple as plugging in an MLS number, and letting our technology do the work to underwrite the property. If it's off market, that's not quite as easy because we have to gather tons of information, bedrooms, bathrooms, square footage, tenant occupied or vacant all these different things that go into a decision about whether or not we recommend it as an investment property are not publicly available to us, we still suggest that you send them in if you have something that you would like to buy, we've got representatives in all these markets. And it may be that we can still represent you provide you with a lot of valuable tools to make a decision yourself. Maybe we won't guarantee it, but we can still assist you with going through with the purchase if it's something that you really want to buy.   Michael: Ah, fantastic. So okay, so if I'm a user and I want to submit a property, and I submit it to rootstock, let's say it's on the MLS rootstocks gonna come back with initial underwriting, and then they're going to tell me, Hey, we can either certify this and give you our guarantees, or we cannot, but you're still able to utilize us as your buyer broker.   Matt: Correct. If it's on MLS, it's a really seamless process, you submit the address, and within, typically within 24 to 48 hours, sometimes faster, you'll get a response back from us that says, you know, here's, here's the information we found, and we will certify or not certify, and we'll copy in the local buyer broker in that market to assist you with preparing an offer. If you choose, the response will actually include a link to make a profit offer if you decide to do so we connect you with the agent to assist you.   Michael: Perfect and and all that information that comes back from the BYOB program. What does that look like? Am I getting a report? Am I getting a type of listing?   Matt: Yeah, if you've looked at a page on our website, a buyer or a property card from the site, so you do a search, you click on a property, it's going to open up a page with tons of information, all the financial analytics scores, neighborhood scores, you will get a link for that property you submitted that looks just like one of the property pages on our site.   Michael: Awesome. And it will have all the calculators and slider bars just as it would if it was an exclusive property. Michael: It does. Yep, it will assume list price when it makes the financial calculations. But you can move that around if you intend to offer less. But yeah, you'll get the same info you want on one of our properties on the website.   Michael: Perfect. Now what a cool program this is. I was really excited to learn about it.   Matt: It's fantastic. We're still a young company in the grand scheme of things, and we are evolving and we're making our products better. This is a fantastic program and sky's the limit with this one. We're just getting started.   Michael: So just to recap, if I go to any of these markets that are highlighted on the BYOB page, and I find a property, I can submit it to the VIP program Roofstocks going to tell me whether or not they can certify it, but I can transact on it regardless and purchase a property potentially get all of the benefits of roofstock the guarantees the lease up guarantee the buyback guarantee. And I found it myself and I just brought it to the site and I get those guarantees.   Matt: That's right.   Michael: Awesome.   Matt: That's it. It's as simple as that.   Michael: I love it. All right. So let's shift gears here a little bit because I know that there's a second type of property that is on the marketplace. We have the exclusive which you touched on earlier which is the seller coming to Roofstock saying please sell my property. And then we also have the Select Properties. Talk to us a little bit about what the Select are, why are they different? And how does that program work?   Matt: Yeah, sure, happy to. So this is the program I work on day to day. So I can speak with some level of confidence about often how we got here, what we do every day in there. So select. Again, this is the third time I've said it, I feel like repeating myself, but it's another way that Roofstock bringing investment properties to our marketplace. Outside of our exclusive program, we are vetting as many properties as possible and putting them out there for our investors to see and transact on using our underwriting tool in our guarantees, or guarantees behind it. So select is basically where we partner up with local investment professionals in these particular markets to identify the best investment properties that are on the market in their local area. These are MLS properties. So this is where Roofstock brings the cream of the crop, I guess of MLS properties to the surface and publishes them on our site. And the way it works in the background is our local agents and figuring out who the players are in the investment space. When we choose a market, which also is not done haphazardly. We pick markets based on Wednesday, we felt like the investment potential is there, once we identify a market, we go in and set up the infrastructure. So we partner up and vet agents and partner up with specific agents, their property managers, title companies, inspectors, things of that nature.   So we get the infrastructure in place. And we do all of that for two reasons. One, because we want the buyer to have the best experience but also so that we're comfortable issuing a guarantee on it, we need to know that we have all these people in place to kind of check our analysis of properties and things of that nature. So yeah, so what happens kind of the beginning of it as a local broker that we've partnered with will make a suggestion to us have a good at what they consider a good investment property option in their local market. And we will underwrite it much the same as we would underwrite a BYOP property, we're going to do full analytics on everything from property age condition, floods on not floods on financial returns, expected, you know capex expense up out the gate, but then the property, full analysis of the property. If we agree with the agent, and it does meet our criteria, we can publish that to our site. It has a property guard and a make offer button just like our exclusive to and comes with the same guarantees Roofstock will guarantee these just as they will their exclusives.   Michael: Fantastic. So as you were talking a question kind of came to mind. And you mentioned that the select properties are really the cream of the crop of what listed on the MLS. So if somebody wants to submit a BYOP property in the same market that a select property operates in, are they inclined to think well, the cream of the crop is already listed as a select, why would I possibly think I could find a better one with BYOB? Is that a fair question?   Matt: It is a fair question certainly deserves an answer. And I would say this, you're assuming in our model, we are trusting our local agents to submit the properties that they identify. So a couple of things, one, these agents like everyone, they have a limited bandwidth of time, they are submitting things quickly, we're getting them on the site quickly. But they can only do so much. So if they've got a day full of appointments, they may not publish listings that day. So if you see something, it's not on the site, that does not mean it's not a good investment property, all likelihood means the agent just hasn't seen it yet. So do not hesitate to send those in. And then the other thing is, you know, I've always been intrigued by the idea of a quote unquote, good investment property. The perception of what's a good investment property, and be completely different. Yep, the local agent may be running things that he perceives as an eight cap, but you may be okay with a five if it's in a five star neighborhood. So that's another reason his filter may be set up a little bit different than what yours is personally. So again, don't hesitate to send those in. If it's not on the site.   Michael: I think that's such a great point you make of time being such a limiting factor for folks. It's funny because personally, my primary residence that I bought, I found it and sent it to my agent and said, hey, let's check this out. And it actually happened to be listed in the same complex as the property that he showed me a different property. And so I found numerous properties online that I sent to agents that hey, you know, this is something looks interesting. I know you didn't find it. Let's go take a look at it. And they're like, Oh, yeah, great, fine.     Matt: yeah, it's no different than owner occupied real estate agents. I know, in the multiple moves I've made in the last 15 or 20 years, I think I found all of our houses myself, to the agent asked for an appointment. So yeah, same way you may be up at midnight looking for properties, and the agents not going to look until three or four o'clock the next day. It's just a timing issue, in most cases doesn't mean what you found is not a good property.   Michael: That's great. That's great. All right. And so just to confirm, Matt so the Select property can be treated almost the same as an exclusive property if I'm seeing both on the site from in terms of transacting and making an offer, is that pretty safe. Are there differences I should be aware of?   Matt: Yeah, very similar. The major difference, I think, between the two is one, in the rootstock exclusive properties, we have the agreement with the seller, and you would be treated, you know, not certainly, with full disclosure and all material facts would be disclosed nothing, the agency thing, it's not something I would worry about, but on the Select property, you would be assigned a broker in that local market as your representative to represent you in the negotiation.   Michael: Okay.   Matt: So instead of communicating directly with the seller, like on select, he would be working through a broker in a more traditional fashion and making the offers of negotiating, and then also with inspections and getting in for appraisals, and all the things that happen after a contract, you've got a representative and are never in touch with the seller or seller's agent. So there's some comfort, I think, in knowing you've got your own representative there.   Michael: Sure. Okay. And the Select Properties, I'm not mistaken, don't have any of the diligence documents that the exclusive properties have, right?   Matt: That's correct. Yeah, so in the exclusive properties, those are underwritten, and inspected prior to going live. So you will see a diligence vault on those that has a little more info than you'll see on select. However, the Select Properties when we make a contract, we negotiate a diligence due diligence timeline or inspection period contingency in your offer. So you will get a copy of an inspection back prior to any of your earnest money being non refundable. And that inspection is paid for by Roofstock. So that's another something else you do not see in other programs, or I've never seen it where the company you're going through is paying for your inspection. So you will be able to get property under contract, receive the inspection back and review it and attempt to negotiate repairs or concessions if needed. All before you have any earnest money at risk. Even though you're not seeing it pre offer, you still are seeing it before you have anything at risk.   Michael: I was doing a presentation the other day, and we're talking about the restock exclusive properties. And only 15% of the ones that are submitted ever make it on to the website. And so there's this kind of culling process of getting rid of the not cream of the crop ones I guess we could say. And so on the exclusive properties after they get inspected, there are a number of things that can prevent them from becoming listings or becoming from prevent them from being certified rather, oftentimes they have repairs that need to get done very specific repairs that disqualify them, or the dollar amount can disqualify them. So could that happen with a select property to where after we get the inspection done turns out actually this property doesn't qualify for some of the guarantees?   Matt: It can. I spend a large amount of my time training brokers on how to identify properties and which ones to select and submit, I suppose it's a better term there to the portal. So we're trying to eliminate the inventory that wouldn't select as much as possible prior to posting it. Now, when you're using a listing agents, photos and comments. It can be a little deceiving to when the actual inspection comes back. Occasionally, we'll see one with issues that were not evident from the listing. And that is the case, we will issue a notice that we have chosen not to certify, it's rare. It's usually something hidden, that we wouldn't have known otherwise, if there's a foundation problem if the roof’s 35 years old, and there's leaks that were not present in photos. Those are things that would keep us from certifying it, we can always try to negotiate that with the seller. And as long as they will make repairs, we'll go back and issue the certification. But yeah, that is true, we would not issue certification if there are major structural damages on the property.   Michael: Okay. And then as the buyer though, do, I still have the opportunity to purchase the property, even if rootstock is not going to issue a certification on it.   Matt: Again, as long as you know, the certification is not in place, you can move forward at your own risk. It's no problem at all. And that's very clearly specified when the inspection comes back, you will receive not only the inspection but have a really clear notice of whether or not the guarantee applies. I can tell you in most cases they do. It's fairly rare. It has to be something major foundation, roof, electrical, one of the major components for us to not issue a certification. I don't want buyers to get the impression we're looking for reasons not to we do issue it and in most cases.   Michael: Okay, great. And then so just to reiterate what you said previously, after that inspection comes back, let's say the certification is not issued is the buyer side. Yeah, I'm only interested in pursuing a property that is certified, I can then walk away from the deal at no cost to me.   Matt: Correct? Yeah. During that period, you can walk away. If you received the inspection back, you can walk away for any number of reasons based on the inspection, not just our guarantee not apply. But yes, if you once you've got a period there to get that inspection back and review and make a decision before any purchase money's at risk.   Michael: Matt. So do you talk to us a little bit about where this program is in place currently and where it's hopefully going to be opening in the near future.   Matt: We've got a number of markets where we are full speed and those are Atlanta, Georgia, Birmingham, Alabama, Jackson, Mississippi, Columbia, South Carolina. Indianapolis. So you can see a real southeastern trend there. And that's primarily because of population and demographic trends. But also because you can see some really great returns on investment there. And we have a lot of cash flow seeking buyers. But we do have into a number of markets that we're really close to going live with a couple of markets in Florida, a couple in Texas, Tucson, Rochester, Detroit, Tulsa, and Waco are all in the pipeline right now. And then we've got it next phase, just sitting waiting after it. So we're going to try in 2021, I anticipate a really aggressive geographic footprint expansion, or are these programs to the tune of hopefully 10 plus markets per month, I think we'll see a really aggressive growth program that we're rolling out as we speak.   Michael: That's awesome.   Matt: Yeah, really exciting.   Michael: And so that we did a podcast with Mark woodling, where we talked about the new markets that we're opening, and half what that process look like. And so he was talking to us about the opening new markets. And so can you just give a high level overview of how do we decide which markets to go into and what new markets open?   Matt: Yeah, so I think the markets that are identified to move into are chosen by a number of factors, both people in the company that are way smarter than I am. But with the assistance of technology that's way smarter than both of us. So they're looking at things like population trends, economic drivers jobs available, the diversity of the economy there. And then also, we are going to be looking at available inventory and the price points and rent rates in any particular market. So is there inventory available that will be attractive to the investors, we could pop up in every major city based on population and not have any inventory potentially, or we could bounce around in some of these other secondary and tertiary markets, where there are great trends available as far as local economies and demographics and such where there's tons of inventory available? So we're, it's a combination of the two factors.   Michael: Yeah, that makes sense. And so is it safe to assume then that for all these new markets that we're opening to the Select program, those will also become available for VIP? Or is that program tend to lag a little bit behind the Select?   Matt: Yeah, that's right. If we've got it, select open, that means we've got a partnership in place with an agent who is experienced and qualified for investment property, we've got a local property manager, at least one, usually three or more that we have vetted, and we are comfortable managing property for us or our customers. And we've got other contacts for things like title inspections, and things of that nature. So if we have that infrastructure in place to open up select, then we can underwrite pages as well.   Michael: Awesome. Okay. And so that's Episode 18. How rootstock identifies strong rental markets and sources, power sellers, with Mark Woodling.   Matt: And Mark and I are working together to Michael, that's just evolved over the past few weeks where Mark and I are working side by side talking on multiple times a day basis right now in the expansion of this program. It has, we were closely aligned initially when he was doing land expand, and I was doing select that we've kind of brought the two together and are working side by side in our efforts there. So Roofstock’s about a uniform strategy across the board.   Michael: Fantastic. Yeah, it sounds like it makes total sense. You know, the two of you move in lockstep in that regard to open up new markets and open up these new programs. I think that makes total sense.   Matt: Yeah. Really exciting.   Michael: Awesome. So everybody, it sounds like keep your eyes peeled for some new markets. Do we publish that in advance of the new markets that are assumed to be up in live? Or do our folks here just getting a sneak peek, because we're lucky to have you on the show?   Matt: Yeah, this is a sneak peek. Although what we will do when we start getting a select agent identified and in place, once we've reached terms and know we have the infrastructure, we will put them out on you know, some of the things that you guys do podcasts webinars, which is often a sneak peek before listings will go live on the site. And these agents love hearing from our customers and working with our customers, you you will in the Select program. Sometimes you can go all the way through the offer process before you meet the agent if you'd like. But if you would like to get their input from a local perspective prior to they are available to you, and we'd be happy to go over local market details if you'd like. So, you'll get to meet these people probably before any properties go online. If you continue listening to Michael and Tom's webinars and podcasts.   Michael: Awesome. You literally just took the words out of my mouth. I was gonna ask how can folks get in touch with our local agents on the ground? Whatever market they're interested in? Is there a list is their contact information?   Matt: Yeah, so buyers are typically working with an account executive prior to making an offer, helping them form their buy box and identify markets they'd like to be in and they have contact info for all of our our select brokers. So if you'd like to speak to someone prior to the account executive should be able to provide that directly for you.   Michael: Perfect, perfect. That's great,   Matt: Or they can reach out to me anytime directly as well. I can obviously get the director and be happy to put you in touch.   Michael: Fantastic. All right. So Matt, shifting gears here just a little bit. I am curious, because I was playing a hypothetical buyer previously, is there any kind of tips or tricks you can share with our listeners for things they can do to be really successful when it comes to buying select properties?   Matt: Yes, for sure. So actually, most of the transactions that come through, I'm copied in a lot of the transactions, I look at reports daily, see our offers and our success rates and kind of follow the trends along those lines. And there are a couple of things that are really obvious, I would suggest it in today's market. And this may change if we do a podcast a year from now, I tell you the exact opposite thing. Right now, the market is so hot, that things are going really, really quickly. And really close to or above what sellers are asking if it's the good inventory. So what I would advise buyers to do is understand going in, Roofstock has done the hard work for you of identifying the better properties. These are not properties that are going to sell at 80 or 90% of the price. These are the ones that are most of the time going to have competitive bid situations. And they're going to come in really quickly. So in the properties, I see buyers losing out on deals trying to get a 1% discount just because they want to feel like they won the negotiation.   Treat it as are deciding whether or not you want on a deal. Look at it as you know what the property is worth to you, and not what the listing prices. In my experience, I've seen people pay 50% of the list price and hate themselves a year later, I've seen people pay 120% of list price and feel like they stole it. So don't get caught up in the negotiation game and feeling like you have to win and need $1,000 off and miss the deal completely. That's one tip. The other one would be when you make an offer, be ready to move quickly, your agent is going to reach out quickly with the offer to sign. And that's getting in quick is a key to getting a high acceptance rate in the Select game.   Once it goes live on our site, they're going to get the best ones get multiple offers, sometimes from Roofstock alone. And when we talk to the agents that have been listed, they've already got two or three in hand. So just the one who really puts in a strong offer and responds quickly is the most likely to have a positive outcome in my experience.   Michael: Yeah, those are really great, great points and tips. It's something I talk a lot about in the academy is when it comes to negotiation and stuff. Ego is such a big driver in this everybody likes to win, nobody likes to feel like they lost. And so if it's you know, they say 2000, I'll counter out 1000. And it's like, at the end of the day, that's 200 bucks at a pocket if you're leveraging 80% loan to value. So your mortgage payments going to be an extra $3 because you're borrowing an extra 100 bucks over 30 years. Like Come on.   Matt: That's right. That's right. Yeah. And there are situations where it makes sense if you've got cash available, you know, cash offers, win over financed offers, if the dollar amounts the same or close, if you've got cash available, come in as aggressive as you can on these really attractive deals, refinance it after the fact if it's something you've just got to have go in aggressively on the front. It's just must be right now in the current climate we're in.   Michael: That's really great insight. And you're seeing that nationwide across all this lock markets, all of the markets we've chosen, yes, I'm hearing it, I have not talked to many people in markets where it's slow right now, within select or otherwise. But within select these guys are extremely busy and involved in multi offer situations. Many times in the Properties you're in a hot market, and the hottest properties are being chosen. So they're not going to sit around for long.   Michael: So Matt, for those people who are looking to purchase properties at that kind of maybe discounted rate at 90%, whatever or get a little bit of a discount on the value. I mean, do we have a place for them on restock, or should they be looking to transact us exclusively off the marketplace?   Matt: We do. So like I said earlier, buyers will put their will set in their mind that value is being the primary guide rather than the listing price. We do have a tool on the search page. If you're on this site looking at properties under the more filters section at the bottom there is a discount to list rating which will allow you to sort properties by which ones are priced at the greatest discount to perceived value rather than list price we do not typically allow offer prices at substantial discount to list but there is a way to search here by discount value, which is the way it should be so feel free to use that anytime.   Michael: Perfect. And then yeah, folks click on the Analysis tab. on that property listing. You'll see the valuation report or the anticipated property value in addition to the Property Valuation Report so you can see what comps have sold in the area for that property evaluation to come to that conclusion. So really great way to buy under market value. properties.   Matt: Yeah. And Michael, I'll lower on that, I'll plug that more tab on the property search, there are a number of options underneath that, that I don't think get seen or used very often that are super helpful, including under bottom left corner is the listing source, that's where you can sort by just select or just exclusive properties. So if you are interested, if you've seen what's there on the exclusive range, and just want to pull up the Select along, that's where you would do that. You can also sort by a variety of other rates and returns using that tab itself and bypass by buy or something.   Michael: And then after you set some of those filters, you can also click on Save after you've named it. And then anytime a property comes into that criteria, or a new property is listed, you'll get an email notification. So I think it's a super helpful way to stay on top of properties. Because I know in the academy, I'll have someone send me a message Hey, can we evaluate this property this afternoon, and by the time we get around to our call that property has already been snatched up under contract. So yep, being quick on the draw is important these days.   Matt: Most active buyers on Roofstock have the safe searches because I see when a good property goes up. And offers are soon to follow. So it's not. It's not the guy that's checking in once every two days. It's the one who's getting pinged and ready to act.   Michael: Ready to make moves. Yeah, it makes total sense makes total sense. Well, Matt, this has been super awesome. Anything else folks should know about the BYOP or the Select program Before I let you out of here?   Matt: No, I don't think so. We're always making attempts to bring more inventory to the market for you guys big expansion plans for next year, as we talked about earlier, and don't discount the BYOD program. It's we are working out some inefficiencies there that we're going to make better in near term that is a powerful, powerful tool that can get you some really sweet guarantees on properties that you find on your own for bringing it through Roofstock tons of valuable data and information that we can provide that the guarantees are alone are worth bringing it through to us. So don't discount the value there.     Michael: Awesome. And so Matt, what's the best way for folks that have additional questions to get ahold of you?   Matt: Yeah, like I said earlier, you can talk to your account executive got my info or any local brokers. But if you want to reach out to me directly, it's [email protected].   Michael: Awesome. Well, Matt, thanks so much for hanging out talking us through these new programs. Really appreciate your time. And I'm sure we'll have you on again soon.   Matt: Yeah, great. enjoyed it. Have a great day.   Michael: Thanks. You too.   That was our episode. Thanks so much for listening. A big big, big thank you to Matt Thomas. Super  fun, really, really insightful. Really interesting to learn how buyers can be successful and then also learning about the programs as a whole. If you liked this episode, feel free to leave us a rating or review wherever it is you listen to your podcasts, and we look forward to seeing you on the next one. Happy investing.